IDACORP, Inc. (NYSE:IDA) announced today that its Board of Directors approved a 5.1% increase in the regular quarterly cash dividend on IDACORP’s common stock to $0.83 per share. At the new rate, the indicated dividend is $3.32 per share on an annual basis.
“IDACORP’s Board of Directors has approved a dividend increase every year since 2011, resulting in a cumulative dividend increase of 177% since 2011 and average annual dividend growth rate of 8.1%,” said Lisa Grow, IDACORP President and Chief Executive Officer. “We are pleased by our strong financial and operational performance that allowed for these increases, all while Idaho Power customers continue to benefit from some of the lowest energy prices in the nation.
“Management plans to recommend to the Board of Directors future annual increases in the dividend of around 5% and remains focused on moving over time toward the higher end of our target payout ratio of 60% to 70% of sustainable IDACORP earnings.”
The actual declaration of dividend payments and the approval of management’s recommendations are at the discretion of the Board of Directors. In determining future dividend actions, the Board of Directors will continue to consider factors such as projected capital requirements, the company’s liquidity position and overall financial condition, the competitiveness of the dividend yield, economic conditions, impacts to credit ratings, and other factors. The dividend declaration, ex-dividend, record, and payable dates will be announced during the fourth quarter of 2023.
